Question

Javed deposited 12000 rupees at 9 pcpa in a bank for some years and withdrew his interest every year at the end of the period we had received altogether 17400 rupees for how many years has he deposited his money

Answer 1

Answer:

5 years

Step-by-step explanation:

Javed deposited 12000 rupees at 9 pc pa in a bank, then

principal, P= 12000

interest, i= 9%

If he withdraws interest every year, then the interest does not earn interest. Therefore, the amount is accumulated under simple interest rate.

The amount, A, earned when a principal, P, is invested at a simple interest, i, for n years is given as;

$A= P*(1+\frac{i}{100}*n)\\ 17400=12000*(1+\frac{9}{100}*n)\\ 17400=12000(1+0.09n)\\1.45=1+0.09n\\0.09n=1.45-1\\0.09n=0.45\\n=5$

Therefore the sum was invested/deposited for 5 years

Answer 2

Amount which is received by Javed is Rs. 17400 and he invested Rs. 12000 at 9% per annum.